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Brent drops below 23.6% Fibo

TVC:UKOIL   Crude Oil (Brent)
Brent’s minor recovery was thwarted by $47.44 (23.6% of Feb low and Oct             high) following which prices retreated to $46.74 levels.

Oversold conditions on the intraday time frame could lead to short-term loss of momentum and yield sideways actions. However, on a larger scheme of things, prices look set to test 200-DMA level of $45.16.
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